Joe DeLisi Fruit Co. v. Minnesota, Department of Agriculture (In Re Joe DeLisi Fruit Co.)

JACOB DIM, Bankruptcy Judge.

The facts are undisputed. Plaintiff, as a dealer in wholesale produce, is licensed by the State of Minnesota, Department of Agriculture (the “Department”) under Minn. Stat. § 27.001 et seq. As part of the licensing requirements, the applicant for the license must post a surety bond or in lieu thereof a letter of credit conditioned on the performance of the duties proscribed by statute. Minn.Stat. § 27.041, subd. 1. Plaintiff-debtor posted a letter of credit from Mid-America State Bank of Highland Park (the “Bank”) in 1980 in the amount of $8,000.00 to satisfy this…